VANCOUVER, British Columbia, Feb. 01, 2022 (GLOBE NEWSWIRE) -- LUXXFOLIO Holdings (CSE:LUXX) (OTCQB:LUXFF) (FSE:LUH), a Canada-based, vertically integrated digital asset company, has launched a separate decentralized data storage vertical. The company is building on its core capabilities in industrial data center management to procure, install and operate customized storage server equipment connected to the Filecoin network, which aims to provide a faster, cheaper, and more reliable distributed infrastructure for storing and retrieving data.
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The Filecoin network functions as a marketplace where developers can rent storage space, similar to traditional cloud storage, but instead of trusting one provider with your files, they're split up and served by a globally distributed network of computers. Storage providers who contribute storage space and computing power to the network will collect rewards known as FIL tokens for storing and distributing data to clients. FIL tokens, which are traded like other cryptocurrencies, are used as an economic incentive to ensure files are stored reliably over time.
Filecoin is built with the InterPlanetary File System, a next generation protocol aiming to make the Web faster, safer, decentralized, and permanent. Established in 2015, IPFS has over 5 billion files spanning scientific data, genetic research, video distribution and streaming, 3D modelling, Metaverse and NFT assets, AI analytics, and Play 2 Earn Gaming.
In a recent study by Fortune Business Insights™ titled, "Cloud Storage Market, 2021-2028", the cloud data storage market is projected to grow from US76 billion in 2021 to US390 billion in 2028 at a compound annual growth rate of 26.2%.
The first set of Filecoin storage servers have been received and a full node has been installed and connected to the Filecoin network allowing LUXXFOLIO to begin earning rewards.
LUXXFOLIO, which focusses on Bitcoin Mining and generating digital assets on the blockchain ecosystem, operates through its wholly owned subsidiary, an industrial scale cryptocurrency mining facility in the United States, powered primarily by renewable energy. The company is forecasting a significant increase in hash rate to 360 BH/s by the third quarter, excluding any positive impact of the immersion cooling system to be installed in the first quarter of 2022.
Ken MacLean, President, stated: "Decentralized storage using crypto incentives will be required to support the entire decentralized economy. This vertical is a great lens into the emerging Web 3.0 space and positions the Company into a time frame similar to the early days of Bitcoin mining. We are working closely with Protocol Labs and other storage protocols and will immerse ourselves into the ecosystem."
The shares are trading at $0.365 on the CSE under the symbol "LUXX". The company also trades on the OTCQB under the symbol "LUXFF" and on the Frankfurt Exchange under the symbol "LUH".
For more information on this investment opportunity, please visit the company's website , contact Dean Linden, Chief Communications Strategist, at 604-398-3837 or email DLinden@luxxfolio.com, or follow the company on any of its social media platforms including twitter, YouTube, LinkedIn, Facebook, and Instagram. LUXXFOLIO also invites shareholders and potential investors to join the conversation on the LUXXFOLIO Holdings' Telegram group at:
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